by Summary:
I don’t always agree with Chomsky, but what he says here about Marxism is spot on. The interesting and insightful individual concepts in Marx’s Capital – say, the idea of the monetary production economy, endogenous money,* the rudiments of aggregate demand theory, etc. – should be taken up in contemporary economy theory and developed. The other absurd, dogmatic and untenable aspects of Marxism – the labour theory of value, falling rate of profit idea, etc. – should be utterly rejected. Marx should be read as part of the history of economic theory, and his whole theory was essentially a failed theory of 19th-century capitalism, nothing else.[embedded content]Note * I hasten to add that endogenous money theory was known well before Marx and he did not originate the theory.
Topics:
Lord Keynes considers the following as important: Chomsky, Marxism
This could be interesting, too:
I don’t always agree with Chomsky, but what he says here about Marxism is spot on. The interesting and insightful individual concepts in Marx’s Capital – say, the idea of the monetary production economy, endogenous money,* the rudiments of aggregate demand theory, etc. – should be taken up in contemporary economy theory and developed. The other absurd, dogmatic and untenable aspects of Marxism – the labour theory of value, falling rate of profit idea, etc. – should be utterly rejected. Marx should be read as part of the history of economic theory, and his whole theory was essentially a failed theory of 19th-century capitalism, nothing else.I don’t always agree with Chomsky, but what he says here about Marxism is spot on. The interesting and insightful individual concepts in Marx’s Capital – say, the idea of the monetary production economy, endogenous money,* the rudiments of aggregate demand theory, etc. – should be taken up in contemporary economy theory and developed. The other absurd, dogmatic and untenable aspects of Marxism – the labour theory of value, falling rate of profit idea, etc. – should be utterly rejected. Marx should be read as part of the history of economic theory, and his whole theory was essentially a failed theory of 19th-century capitalism, nothing else.[embedded content]Note * I hasten to add that endogenous money theory was known well before Marx and he did not originate the theory.
Topics:
Lord Keynes considers the following as important: Chomsky, Marxism
This could be interesting, too:
Stavros Mavroudeas writes Financialization Hypothesis: A Theoretical and Empirical Critique Author(s): Turan Subasat , Stavros Mavroudeas Journal: World Review of Political Economy vol.14 no.2
Stavros Mavroudeas writes ‘Was I.I.Rubin a ‘Rubinist’? – S.Mavroudeas at MAEF-IPEC 2023, 7-9 June 2023, Moscow
Stavros Mavroudeas writes The DIMITRA plan and the financial and the political alchemies of G.Varoufakis
Stavros Mavroudeas writes Mavroudeas S. (2022), ‘The adventures of Economic Policy within Mainstream Economics’ in Essays in Economic Theory and Policy in Honor of Professor Stella Karagianni, Athens: Gutenberg
Note
* I hasten to add that endogenous money theory was known well before Marx and he did not originate the theory.